Privateer nabs $40M to pass around to pot businesses
November 07, 2016
With its latest $40 million raise, cannabis investor Privateer Holdings has reportedly become the first legal marijuana business to collect more than $100 million in total funding. Founded in 2010, the Seattle-based company has raised about $122 million altogether, including a $75 million Series B last year led by Founders Fund, then valuing the company at $490 million. Privateer’s portfolio consists of marijuana producer Tilray, cannabis information and review company Leafly and Marley Natural, a lifestyle and product line inspired by Bob Marley.
Privateer announced the convertible debt round just days before nine states will vote on recreational or medical marijuana legalization. CEO Brendan Kennedy told Reuters most potential lead backers decided to wait until after the election to invest, and that this most recent financing is part of an upcoming Series C round that has a target of $100 million.